"At the global level, two major economic blocs, the US and Europe, are taking very different approaches to crypto regulation. On one side, the European Union has moved from drafting rules to active enforcement. The Markets in Crypto-Assets Regulation (MiCA) has entered into force in phases. It already covers crypto asset service providers and market abuse, while the European Securities and Markets Authority (ESMA) aims to integrate its interim MiCA register into formal regulatory systems."
"On the other side, the regulatory framework in the US shows some progress but still lacks a single, full-fledged framework. The Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Financial Crimes Enforcement Network (FinCEN) and the Internal Revenue Service (IRS) oversee securities, commodities, Anti-Money Laundering (AML) and tax matters, respectively. States also license money transmitters, creating a complex, multi-agency structure."
Europe has shifted from drafting to enforcing crypto regulation through MiCA, providing clear timelines, licensing paths and compliance milestones across all EU member states. MiCA has entered into force in phases, covering crypto asset service providers and market abuse, with ESMA working to integrate an interim MiCA register into formal systems. MiCA's single-license model enables firms licensed in one member state to operate EU-wide, encouraging early European expansion. The US maintains a multi-agency, enforcement-led framework involving the SEC, CFTC, FinCEN, IRS and state money-transmitter licensing, leaving token classification and market-structure questions unresolved.
Read at Cointelegraph
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